Multifamily

CBRE Arranges $25M Construction Financing for 129-Unit Seniors Housing Community in Arizona

by Nellie Day October 12, 2015

TUSCON, ARIZ. — CBRE National Senior Housing has arranged a $25 million construction loan for Hacienda at The River, a 129-unit assisted living, memory care and skilled nursing community in Tuscon. A joint venture of The Freshwater Group and Watermark Retirement Communities is developing the community on a 5.75 acre plot. When completed, Watermark will manage the community. Aron Will, executive vice president of CBRE National Senior Housing, and Jim Sellers and Tim Prouty, both senior vice presidents of the CBRE Debt & Structured Finance office in Tucson, secured a three-year, floating-rate loan that then converts to a three-year, mini-perm loan. The loan was placed through a regional bank. Based in Tuscon, Watermark is the 13th largest operator of seniors housing communities in the U.S. with 38 communities comprising 7,483 units, according to 2015 data from the American Seniors Housing Association.

October 12, 2015

California Multifamily Seniors Housing Western

Anthem Breaks Ground on $12.6M Memory Care Community in California

by Nellie Day October 12, 2015

MURRIETA, CALIF. — Developer and operator Anthem Memory Care has broken ground on Vineyard Place, a $12.6 million memory care community in Murrieta, about 80 miles southeast of Los Angeles. Anthem expects to open the 38,000-square-foot, 66-unit community in summer 2016. Working with Anthem on developing and building Vineyard Place are CM Consulting, Markham Development Management Group, CBTwo Architects, Consolidated Contracting and LTC Properties, which is providing financing. Anthem, based in Lake Oswego, Ore., also operates a dementia care community in Chico, Calif., and four in Denver. It is currently developing three communities in the greater Chicago area.

October 12, 2015

California Multifamily Student Housing Western

AMCAL Opens The Promontory at CSU Monterey Bay

by Nellie Day October 12, 2015

MARINA, CALIF. — AMCAL Monterey Bay LLC has opened The Promontory, a 174-suite, 579-bed off-campus student housing development near the campus of California State University at Monterey Bay. The development is comprised of three four-story buildings featuring 174 fully furnished suites, in which students share a common kitchen and living room in the two-, three-, and four-bedroom housing pods. Each bedroom has its own bathroom, and each individual bedroom locks for privacy and security. Each of the three buildings also features an interior courtyard for studying and socializing. The community shares 6,500 square feet of interior common amenities that include study rooms, a cyber cafe with kitchen facility, computer lab, theater, game room and fitness center, as well as an outdoor basketball court. AMCAL Monterey Bay LLC purchased the 8.27-acre parcel of land from the City of Marina in January 2014. The project is privately funded by Bank of the West and private equity financed. Construction was completed in 18 months, which included the demolition of the abandoned Fort Ord Motor Pool. The development will be managed by the University Corp., the nonprofit that manages all of the campus’ student housing. AMCAL Monterey Bay LLC negotiated and signed a 20-year master …

October 12, 2015

Mixed-Use Multifamily New York Northeast Restaurant Retail

Cushman & Wakefield Brokers $30M Sale of Mixed-Use Property in Manhattan

by Amy Works October 12, 2015

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a mixed-use loft building located at 9 E. 16th St. in the Ladies’ Mile Historic District of Manhattan. The seven-story, elevator-serviced building sold for $30 million, or $978 per square foot. The 30,680-square-foot property features 15 large loft units, of which 12 are fair market and three are rent stabilized, and one ground-floor commercial unit, which is currently occupied by a restaurant. Paul Smadbeck, John Ciraulo, Rob Stufano and Craig Waggner of Cushman & Wakefield brokered the all-cash transaction. The names of the seller and buyer were not released.

October 12, 2015

Multifamily New York Northeast

GFI Arranges $12M Sale of Brooklyn Apartment Building

by Amy Works October 12, 2015

NEW YORK CITY — GFI Realty Services has arranged the sale of a multifamily property located at 477 Third St. in Brooklyn’s Park Slope neighborhood. The 20-unit apartment building sold for $12 million, or $818 per square foot. The five-story walk-up features a mix of one- and two-bedroom units, as well as on-site laundry facilities. The buyer, a multi-generational local investor, plans to implement improvements to the property and maintain it as a long-term rental building. Erik Yankelovich of GFI Realty represented the undisclosed seller, while Moshe Gelbstein, also of GFI Realty, represented the buyer in the transaction.

October 12, 2015

Multifamily New Jersey Northeast

Marcus & Millichap Brokers $2.6M Sale of 48-Unit Multifamily Property in New Jersey

by Amy Works October 12, 2015

ELIZABETH, N.J. — Marcus & Millichap has brokered the sale of an apartment building located at 321-325 Cherry St. in Elizabeth. The 48-unit property sold for $2.6 million. The property features 39 studio units, eight one-bedroom apartments and one two-bedroom unit. Nat Gambuzza and Jeffrey Myers of Marcus & Millichap represented the seller, a multi-generational owner, and the buyer, a private investor, in the transaction.

October 12, 2015

Florida Multifamily Southeast

Berkadia Brokers Sale of Two Apartment Communities in Florida for $18M

by John Nelson October 12, 2015

MELBOURNE AND PALM BAY, FLA. — Berkadia Real Estate Advisors has brokered the sale of two apartment communities in Brevard County for a combined $18 million. The assets include the 138-unit Park Village located at 3099 Park Village Way in Melbourne and the 112-unit Malabar Lakes located at 1018 Malabar Lakes Drive in Palm Bay. White Eagle Property Group LLC purchased Park Village for $10.1 million and Malabar Lakes for $7.9 million. Cole Whitaker, Hal Warren and Jason Stanton of Berkadia represented the seller, Deancurt Melbourne LLC, in the portfolio transaction.

October 12, 2015

Kentucky Multifamily Southeast

Commercial Kentucky Brokers $5.9M Sale of Apartment Community in Louisville

by John Nelson October 12, 2015

LOUISVILLE, KY. — Commercial Kentucky Inc., an Alliance member of Cushman & Wakefield, has brokered the $5.9 million sale of Kennedy Place, an 88-unit apartment community in Louisville. Monticello Properties purchased the property from Hall Family Holdings LLC. Craig Collins of Commercial Kentucky, along with Mike Kemether of Cushman & Wakefield’s Atlanta office, represented the seller in the transaction.

October 12, 2015

Brookwood Terrace Apartments Murfreesboro Tennessee

Loans Multifamily Southeast Tennessee

Walker & Dunlop Originates $4.7M HUD Loan for Apartment Community in Tennessee

by John Nelson October 12, 2015

MURFREESBORO, TENN. — Walker & Dunlop has originated a $4.7 million loan for Brookwood Terrace Apartments located at 2743 S. Rutherford Blvd. in Murfreesboro. Built in 2009, the apartment community features one-, two- and three-bedroom apartment residences with fully equipped kitchens, washer and dryer units and ceramic tiled bathrooms and foyer. Common area amenities include free Wi-Fi, a clubhouse and a business center. All of the residential units are at 60 percent or less of the Area Median Income. David Strange and Keith Melton of Walker & Dunlop structured the loan as a 223(a)(7) HUD refinance of an existing 221(d)(4) HUD loan. The 40-year, fully amortizing loan has a fixed interest rate.

October 12, 2015

Iowa Loans Midwest Multifamily

NorthMarq Capital Secures $1.8M Refinancing for Three Multifamily Properties in Iowa

by Christina Cannon October 9, 2015

CEDAR RAPIDS AND MERION, IOWA — NorthMarq Capital has secured a $1.8 million refinance loan of three multifamily properties located in Iowa. The three properties include a combined 64 units. Westcove Apartments, Kimberly Square and Residence on 11th are the three communities that were refinanced. The transaction was structured with a fully amortizing 20-year term. All other details of the transaction were undisclosed.

October 9, 2015

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